In an attempt to provide uniformity for various provisions of the Internal Revenue Code (the Code), the Working Families Tax Relief Act of 2004 (the Act) amended the definition of "dependent" for tax purposes. As is the case with many new laws, this amendment has unintended consequences that may create issues for sponsors of certain types of employee benefit plans. The new definition is effective for tax years beginning after December 31, 2004. Employers should take action now to evaluate the de

As winding up a pension scheme has become such an expensive option, more and more companies are considering changing the terms of the scheme and the benefits they provide in order to reduce pension scheme liabilities.

Latest report from Foley & Lardner relating to Employee Benefits.

As we previously reported, the Pension Protection Act of 2006 (the "Act") made significant changes to the laws governing retirement plans. While the effective dates of many of these changes are staggered over the next several years, there are two related changes that are effective almost immediately, for plan years beginning on or after January 1, 2007.

A growing area of consulting for actuaries is enterprise risk management or ERM.

The Pension Protection Act of 2006 ("PPA"), which was signed into law on August 17, 2006, made many significant changes to laws affecting defined contribution plans. This Client Alert briefly describes the PPA changes applicable to defined contribution plans that plan sponsors should consider now for implementation in 2007.

The Transfer of Undertakings (Protection of Employment) Regulations 1981 ("TUPE"), which transpose the EC Acquired Rights Directive (77/187/EC) into UK law, are applicable upon the transfer of an undertaking or business (or part of a business) to another employer.

The latest report from Foley & Lardner relating to Employee Benefits developments.

In 2006, the SEC adopted rules which created the Pension Benefits Table and Nonqualified Deferred Compensation Table.

The Department of Labor (the "DOL") proposed an amendment to Prohibited Transaction Exemption 80-26 ("PTE 80-26") under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). PTE 80-26 is a class exemption that permits parties-in-interest with respect to employee benefit plans to make interest-free loans to such plans if certain conditions are met.

In a much anticipated decision having long-term ramifications for employer-sponsored group health plans, the U.S. Supreme Court unanimously held on June 21, 2004, that participants in group health plans subject to the Employee Retirement Income Security Act (ERISA) cannot sue their HMOs under state law for refusing to pay for a physician’s recommended treatment.

If you, as an ERISA fiduciary, are "floundering" in uncertainty in the aftermath of the mutual fund scandals, you are in good company.

The Securities and Exchange Commission (SEC) announced in early July 2004 that its ongoing inquiry into the mutual fund industry is now targeting the disclosure and use of payments between mutual funds and defined contribution pension plans (DC plans), such as 401(k) plans, in order to better understand the role such payments may play in the selection of service providers and of funds to be included in DC plan investment menus.

No company’s benefits department is perfect – and some fall far short of the ideal.

The most recent article from Foley & Lardner relating to employee benefits developments.

Liability relating to company pension schemes has increased substantially over recent years and has become much more visible in corporate finance. In particular, pension scheme deficits now appear in company accounts and it has become common for pension scheme liabilities to be discussed in the front end of circulars and offer documents.